§ 1006 Bank Corporation Formation Restrictions

This law says you can't start a new company in this state that runs a commercial bank, industrial bank, or trust company, unless the law specifically allows it.

Key Takeaways

•No new corporations for banks or trust companies can be formed in the state.
•The rule only applies to corporations organized after the law took effect (Jan 1 2012).
•An exception is possible, but only if the same chapter specifically says it’s allowed.

Example

A group of people wants to create a new bank in the state and files paperwork to form a corporation.

Because of this law, the state will not let them set up the corporation for a bank unless the chapter gives a special permission, so their plan is blocked.

No corporation shall hereafter be organized under the laws of this state to transact the business of a commercial bank, industrial bank, or trust company, except as provided in this chapter. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

This law says you can't start a new company in this state that runs a commercial bank, industrial bank, or trust company, unless the law specifically allows it.

Key Takeaways

•No new corporations for banks or trust companies can be formed in the state.
•The rule only applies to corporations organized after the law took effect (Jan 1 2012).
•An exception is possible, but only if the same chapter specifically says it’s allowed.

Example

A group of people wants to create a new bank in the state and files paperwork to form a corporation.

Because of this law, the state will not let them set up the corporation for a bank unless the chapter gives a special permission, so their plan is blocked.

Key Takeaways

Example

Key Terms

References

§ 1006 Bank Corporation Formation Restrictions

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References